Polaris bank loans are available across a wide range of options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, there are several features, benefits, and eligibility requirements you need to meet, depending on the type of loan in question. Therefore, we would be discussing this and every other thing you need to know about Polaris bank loans in this article.
What are the available services under Polaris bank loans?
The loans options under Polaris bank loans include:
Personal term loan
Personal term loans help you meet varying personal needs regardless of what it is. Basically, it covers fundamental costs including medical bills, asset acquisition, school fees, and even set up a smalls scale business. Therefore, the loan is especially for individuals to meet needs at their convenience. However, to apply, you must be a confirmed staff of a reputable public or private organization with a domiciled salary account with Polaris bank.
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Polaris payday loan
Polaris payday loan offers you quick and real-time access to loans in less than a minute. Basically, this loan offers you up to 50% of your next salary, hence the name, payday loan. Also, you can access the sum through their USSD code at *833*12#, through an authorized ATM, the PolarisMobile, or PolarisXperience. You can read more about payday loans in Nigeria here.
Polaris education loan
The Polaris education loans are for covering the financial needs of students in private schools. Therefore, this includes primary, secondary, and tertiary institutions, allowing parents to obtain a loan to cover the school fees and pay back later. Also, you can access up to N100m depending on the class of school and it has a tenor within 90 days to 36 months.
Intervention funds
Intervention funds are for businesses who qualify for loans disbursed by the government of Nigeria. Basically, the Central Bank of Nigeria distributes such loans through certain banks across the nation, including Polaris. At the moment, available intervention funds include:
- Micro Small and Medium Enterprises Development Fund (MSMEDF)
- BIO MSME Loan
- Agric-Business Small and Medium Enterprises Investment Scheme (AGSMEIS)
Growing your business
Lastly, the growing your business loans are for those looking to upscale their business or simply trying to stay afloat. Therefore, Polaris bank provides the proper solution to manage your business growth based on specific needs and offers a plethora of options to choose from. These includes:
- Sector-based loans
- Working capital to boost your business
- Polaris Bank Merchant Services to accept payments more efficiently
- Intervention funds at 9%p.a. for businesses in the manufacturing, Education, Agro-allied, and Renewable energy
- Business Loans to fund long term expansion
- Payroll Loans provide loans to your employees
- Asset financing
- Invoice Discounting
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How do I get a loan from Polaris bank?
There are two major ways to apply for a Polaris bank loan:
- Firstly, you can visit any of their offices and speak to an agent
- Through the Polaris USSD code at *833*12#
- Lastly, through the PolarisMobile or PolarisXperience mobile application
What is the interest rate of Polaris bank loan?
There are no fixed interest rates for Polaris bank loans. Therefore, each applicable rate is specified during your loan application, leaving you with the choice to proceed or not.
How can I contact Polaris bank?
You can contact the bank by visiting the nearest branch to you or through the following means:
Phone: (0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850
Email: yescenter@polarisbanklimited.com
Conclusion
Polaris Bank loans remain a top choice for citizens all around the nation due to their variety of loans, and excellent customer service. Therefore, you can easily obtain a loan today by visiting any of their branches or opting for the mobile option.
